For Philippine-based startups and small-to-medium-sized enterprises (SMEs) that are aiming for success and longevity, it’s a must to have an efficient and streamlined system for managing sales transactions. As such, you’ll definitely want to invest in the right point of sale (POS) system to gear your business up for further growth.
A POS system that’s well-matched to your business needs and goals will enhance your establishment’s productivity and the experience it imparts to its customers. It can also be used to improve the accuracy of your financial records, streamline your inventory management, and help you gain access to insightful analytics that will improve your decision-making.
That said, a POS system isn’t a one-size-fits-all kind of product. POS systems come in all forms, and the challenge lies in finding one that’s well-suited to your particular business requirements and can keep up with the expected trajectory of your company. It’ll be easier to choose the ideal solution when you have a clear idea of what your options are. To that end, here’s a quick list of the types of POS systems that many SMEs and startups typically use.
Traditional or Stationary POS Systems
Traditional or stationary POS systems consist of a cash register or computer terminal connected to various peripherals such as barcode scanners, receipt printers, and cash drawers. These systems are commonly used in fixed locations and are suitable for businesses with dedicated sales counters, such as retail stores or restaurants. They provide a comprehensive set of features, including inventory management, sales tracking, and employee management.
Installing a stationary POS system often requires an upfront investment in hardware and software. After overcoming this initial hurdle, however, you’ll immediately be able to benefit from such a system’s robust functionality and ability to handle high transaction volumes. This type of POS system is an excellent choice for businesses with a physical store presence, as it provides a reliable and proven solution for managing sales efficiently.
Mobile POS Systems
Mobile POS systems, one example of which is Maya Business’s Maya Terminal, leverage smartphones or tablets as the primary device for processing sales transactions. These units do not need to be tethered to a particular location all the time, so they’re well-matched to businesses that need to take payments anywhere within their premises or on the go.
A mobile POS system typically comes with a card reader attachment and can connect wirelessly to other peripherals. This is the case for the Maya POS terminal, which can print receipts, read QR codes, process bank transfers, and accept payments made through cards that use Europay, Mastercard, and Visa (EMV) and near-field communication (NFC) technologies. The Lite version of the Maya Business terminal cannot process magstripes, but it’s more portable, which makes it a useful tool for businesses that accept cashless payments in the field.
Their unique qualities make mobile POS systems a great fit for startups and SMEs that require greater mobility, such as food trucks, pop-up shops, or service-based businesses. This type of system also has a lower upfront cost compared to traditional POS, and some are even offered on a subscription basis. You need to pay PHP 799 monthly for the Maya Terminal price, for example, which is much cheaper compared to the upfront cost of buying a traditional POS terminal.
Cloud-Based POS Systems
Cloud-based POS systems store data on remote servers and can be utilized and synced on various devices, such as computers, tablets, or smartphones. These POS systems offer advanced features like inventory management, sales analytics, employee tracking, and integration with other business tools. It’s worth noting, too, that cloud-based POS systems are not mutually exclusive to traditional or mobile POS systems. That means that it’s entirely possible for a fixed or a mobile terminal to be connected to a cloud-based POS.
Businesses that need centralized data management, multi-location support, or remote access stand to benefit the most from the use of a cloud-based POS system due to its affordability and scalability as well as its ease of use. POS systems that belong to this category will eliminate the need for expensive on-premises hardware, offer automatic software updates, and provide your business with the flexibility it needs as it expands.
Self-service kiosks are interactive terminals where customers can place orders, make payments, or access information without assistance from staff. They are commonly used in quick-service restaurants, cinemas, or retail environments.
There are practical benefits to giving your customers access to a self-service kiosk. These include reduced waiting times, increased order accuracy, and improved customer satisfaction. If you’re aiming to enhance customer experience and streamline your operations, self-service kiosks can be a valuable addition to your store or branch.
Do note, however, that the initial investment and maintenance requirements of a self-service kiosk can be higher than other POS options. You must also give your customers proper instructions when using this device so that they’re guaranteed a seamless and intuitive self-service experience.
Again, to choose the right POS system for your SME or startup, you’ll need to assess your business requirements and goals. That way, you can align those needs with the features and capabilities of the POS systems that are available to you. Use the information above to gain a better understanding of the role that your POS will play in your business’s day-to-day operations, and knowing that, choose a system that best fits your SME’s needs.